What are contingent contracts? Stats the rules regarding enforcement of such contracts with examples.

A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes.Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions occurring.

A contingent contract can also be viewed as protection against a future change of plans. Contingent contracts can also lead to effective agreement when each party has different time preferences. For example, one party may desire immediate payoffs, while the other party may be interested in more long-term payoffs. Further, _____ ______ __________ ____ _____ ______ _______ ______.
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